(BLOOMBERG) Billionaire Carlos Slim became the largest investor in the New York Times Co. after exercising options to acquire 15.9 million shares in the newspaper company.
Slim bought the shares for almost $6.36 each, about half of Times Co.’s $12.28 closing price, Times Co. said today in a statement. That boosted his stake to 16.8 percent of the company’s Class A shares.
The world’s second-richest person gained the options after he lent the paper $250 million in January 2009 to help it get through the financial crisis. That loan was already repaid early and with interest, and the gap between the exercise price and Times Co.’s share price gives Slim an additional potential profit of about $94 million.
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